Nationwide has announced a £100 bonus for account holders meeting specific criteria, offering welcome relief amid the ongoing cost-of-living crisis. The building society’s initiative, named the Nationwide Fairer Share Payment, aims to distribute profits to qualifying members.
The eligibility criteria require holders of a current account and either a savings account or a mortgage to meet certain conditions. Current accounts must have been active as of March 31, 2024, with further requirements varying by account type. For example, holders of FlexPlus, FlexOne, FlexStudent, or FlexGraduate accounts must have had at least one transaction in or out of their account in March unless the account was switched to Nationwide between January 1 and March 31.
FlexAccount, FlexDirect, and FlexBasic holders must meet one of the following conditions in two out of three months (January, February, or March 2024): receive £500 in deposits or make at least two payments out of the account, or perform 10 payments in total.
For savings account holders, having at least £100 in a Nationwide personal savings account or cash ISA by the end of any day in March qualifies. However, investments, assets in other accounts, or savings in someone else’s name are excluded.
Mortgage holders are eligible if they owed Nationwide at least £100 on their residential mortgage on March 31. Mortgages with subsidiaries or commercial mortgages are excluded.
Nationwide clarified that joint account holders will qualify individually, meaning both account holders in a joint arrangement could receive the bonus. However, those managing accounts under a power of attorney or similar arrangements will not qualify themselves, though the account holder they represent may.
Payments will be processed between June 13 and June 28, 2024, and will appear on eligible members’ statements as “Nationwide Fairer Share Payment.” The bank noted:
“We aim to ensure accurate processing, but incomplete or inaccurate information may lead to errors. If excluded wrongly, we will correct the oversight but are not liable for further losses.”
Account holders are encouraged to review their eligibility and contact Nationwide for assistance if they believe they were mistakenly excluded.
This initiative demonstrates Nationwide’s commitment to sharing profits during challenging economic times, supporting its members with direct financial benefits.